DAVENPORT & Co LLC lessened its stake in Nike Inc (NYSE:NKE) by 3.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 672,527 shares of the footwear maker’s stock after selling 27,281 shares during the quarter. DAVENPORT & Co LLC’s holdings in Nike were worth $56,977,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in NKE. Highland Capital Management LP bought a new stake in Nike in the first quarter worth $465,000. Blue Chip Wealth Management Inc. bought a new stake in Nike in the first quarter worth $289,000. Pagoda Asset Management LP bought a new stake in Nike in the first quarter worth $16,061,000. SPF Beheer BV increased its position in Nike by 5.4% in the first quarter. SPF Beheer BV now owns 1,276,541 shares of the footwear maker’s stock worth $85,069,000 after purchasing an additional 65,441 shares during the last quarter. Finally, Braun Bostich & Associates Inc. bought a new stake in Nike in the first quarter worth $562,000. 63.97% of the stock is currently owned by hedge funds and other institutional investors.
NYSE NKE opened at $75.91 on Friday. The company has a current ratio of 2.31, a quick ratio of 1.53 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $135.60 billion, a PE ratio of 31.37, a P/E/G ratio of 2.81 and a beta of 0.65. Nike Inc has a 12 month low of $50.40 and a 12 month high of $86.04.
Nike (NYSE:NKE) last posted its quarterly earnings results on Tuesday, September 25th. The footwear maker reported $0.67 EPS for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.04. The firm had revenue of $9.95 billion for the quarter, compared to analysts’ expectations of $9.92 billion. Nike had a net margin of 5.57% and a return on equity of 40.69%. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.57 earnings per share. As a group, equities research analysts anticipate that Nike Inc will post 2.63 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Tuesday, September 4th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend was Friday, August 31st. Nike’s payout ratio is presently 33.06%.
Nike declared that its board has approved a share buyback program on Thursday, June 28th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the footwear maker to purchase up to 12.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
Several brokerages recently weighed in on NKE. Zacks Investment Research cut shares of Nike from a “buy” rating to a “hold” rating in a research report on Thursday, June 21st. Nomura boosted their price target on shares of Nike from $74.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, June 29th. Piper Jaffray Companies boosted their price target on shares of Nike to $72.00 and gave the stock a “neutral” rating in a research report on Friday, June 29th. Wedbush boosted their price target on shares of Nike from $82.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, June 29th. Finally, Sanford C. Bernstein boosted their price target on shares of Nike from $76.00 to $84.00 and gave the stock an “outperform” rating in a research report on Friday, June 29th. Two research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $84.60.
In other news, EVP Monique S. Matheson sold 17,000 shares of the company’s stock in a transaction dated Tuesday, September 18th. The shares were sold at an average price of $85.00, for a total value of $1,445,000.00. Following the transaction, the executive vice president now directly owns 104,737 shares in the company, valued at $8,902,645. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Johnathan A. Rodgers sold 16,000 shares of the company’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $85.05, for a total transaction of $1,360,800.00. Following the completion of the transaction, the director now owns 26,963 shares in the company, valued at $2,293,203.15. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 72,778 shares of company stock worth $5,969,246. Company insiders own 3.90% of the company’s stock.
Nike Company Profile
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.
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